UPDATE: Lyka app has been removed from Google Play store and we cannot find the app until the company turn it back on when I searched on the software.
The Bangko Sentral ng Pilipinas (BSP) confirmed its decision to deny an operator of payments (OPS) license to the marketing arm of social media platform LYKA, saying the parent organization must be the one to register with the BSP.LYKA Philippines CEO Ryan Baird said they are seeking the assistance of the Office of the President with regards to the registration of a local affiliate with the Securities and Exchange Commission (SEC).
The operations of social media platform Lyka remain suspended as the Bangko Sentral ng Pilipinas (BSP) rejected the registration of its marketing arm as an operator of payment system (OPS).LYKA is a free social media platform that allows users to connect, discover new material, share interests, share photos, and allows chat function with other users. It revolves around a Digital Point System, which rewards users for engagement on the platform.The Hong Kong-based company allows its users to purchase, exchange and use so-called “gems” as payment for goods and services and must be registered as a payment system operator, Governor Benjamin Diokno said in a briefing on Friday, citing regulation.
This is a developing story.
I have lyka account in PH. This is why we cannot logged on due to unrecognised payment system.
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